India's economic growth is "stalled" because government policies are framed in isolation and ministries are not working in concert, Kiran Mazumdar- Shaw, Chairman and Managing Director of biotech major Biocon Ltd, said Tuesday.
Bangalore: India's economic growth is "stalled" because government policies are framed in isolation and ministries are not working in concert, Kiran Mazumdar- Shaw, Chairman and Managing Director of biotech major Biocon Ltd, said Tuesday.
"....Why do you have a stalled economic growth? Because our policies are not done in a holistic way. It's done in isolation. There are multiple ministries at play and they won't work in concert," she told reporters at an event here.
"One ministry does something but the benefits of what they have done won't trickle down because other ministry has not done what is supposed to do," Mazumdar-Shaw said.
She also said the biotechnology sector faces a number of restrictions impeding its growth.
Mazumdar-Shaw termed moves to create a moratorium on research or genetically modified crop, and clinical trials as "major restrictions".
The government needs to change the definition of 'research services' in biotech sector, similar to software services, as it does not involve export of products or shipments.
She also said there is a need to make sure that there are no restrictions on animal experimentation because everyone wants to do such research because regulations demand it.
"....We believe the experimental animals should not come under the Ministry of Environment. Ministry of Environment is responsible for wild animals that are bred specifically for research," Mazumdar-Shaw said.
The size of the Indian biotech industry currently is USD 7.5 billion. The sector can grow to become USD 25 billion in two years if India focuses on the agri-biotech opportunities as well as becoming fermentation-based hub of the world.
Asked about her take on the debate on taxing the super rich in India, Mazumdar-Shaw said: "I think, yes, they must be taxed. We all agree -- that's if you are super rich, you have to pay more tax".